What is the Benefit?
Whether you are currently a business owner or getting ready to take the leap to start your business, a cash-out refinance may be the solution to help you grow. A cash-out refinance is an ideal choice to gain access to large amounts of funds to start a business, often with a lower monthly payment.
For business owners: a cash-out refinance can help you gain the capital to scale and grow, invest in new equipment, inventory, infrastructure, or even increase marketing spend.
For those looking to start a business: most business ventures requires an initial capital investment. Banks are more reluctant to loan funds to consumers with no business history. A cash-out refinance is one of the easiest ways to borrow a large sum of money without significantly increasing your monthly payment.
Here’s the breakdown on benefits of taking advantage of a cash-out refinance to fund your business versus getting financing elsewhere:
Business Loan, Personal Loan, or Credit Card
More Difficult to Get Approved: Many banks may be reluctant to loan money to consumers to start a business with no history
Possible Limited Funding: Many times, a business or personal final loan amount does not cover the necessary start up costs
Low Interest Rates: Mortgage Interest Rates are typically lower than a business loan, personal loan, or credit card
Low Monthly Payment: With a cash-out refinance, you can have a term up to 30 years. A 30 year term means a lower monthly payment for you
Avoid an Additional Monthly Payment: The funds you borrow for your business will be consolidated into your mortgage loan so you don’t have to worry about making payments to another lender
What Will Your Monthly Mortgage Be?
No Credit Check
No Credit Check
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